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that adjustment should also be considered for element of size of the property. On the other hand, topography/terrain is also considered as one of the elements for adjustment in comparison method. Other elements for adjustment are very subjective to be identified and are based on case by case basis. It can be the prices of the property together with other fees such as legal fees and stamp duty fee. Financing terms refer to the term of the loan or payment period. In Malaysia, financing terms was not really considered as the elements of adjustments since this information is confidential and not easily available. From the results, it clearly shows that the financial term was the last ranking in the sequence of adjustment. 6.0 Conclusion Most of the findings were consistent with the findings of the previous studies. Practising valuers in Malaysia were agreed with Ellsworth (2001) that comparison method is the best method in determining the market value of property. Based on the analysis, summative percentage, base percentage and dollar adjustment are the techniques that are applied by Malaysians‟ valuers in comparison method. However, summative percentage is the most preferred adjustment technique in applying the comparison method. Generally, on the elements of adjustment such as tenure, location, size, zoning, physical characteristics are adjusted based on the sequence of order. Tenure is the highest order or the first ranking that being adjusted in applying comparison method. REFERENCES Anuar, A. (2002), Valuation Techniques: An Overview of Current Practice in Malaysia, Paper for MTCP Program, INSPEN, Unpublished. Bucaria, C. P. and Kuhs, R. G. (2002), Fiber Optic Communication Corridor Right-of-Way Valuation Methodology, The Appraisal Journal, April 2002, pp 136-147. Clendaniel, J. H. (2005), Telecommunications Infrastructure Facilities, The Appraisal Journal, Summer 2005, pp 278-287. Dennis, M. D. and Pinkowish, T. J. (2007), Residential Mortgage Lending: Principles and Practices, South- Western. Ellsworth, R. (2001), The Sales Comparison Approach and the Appraisal of Complete Facilities, The Appraisal Journal, July 2001, pp 266-269. Ellsworth, R. (2002), Industrial Facility Valuation: Electrical Generating Projects, The Appraisal Journals, January 2002, pp 34-38. Fischer, D. (2002), Property Valuation Methodology, Black An Press. Guidry, K. A. (2003), Appraisal Assignments Involving Endangered Species, The Appraisal Journal, January 2003, pp 98-102. Healy, M. J. and Bergquist, K. (2001), The Sales Comparison Approach and Timberland Valuation, The Appraisal Journal, pp 587-595. Hodges, M. B. (2007), Three Approaches? , The Appraisal Journal, Winter 2007, pp 34-44. Patchin, P.J. (1999), Contaminated Properties and the Sales Comparison Approach, The Appraisal Journal, July 1999, pp 402-409. Rodgers, T. (2001), Property-to-Property Comparison, The Appraisal Journal, January 2001, pp 64-67. Sekaran U., (2000), Research Methods for Business: A Skill Building Approach, 4 rd Ed., New York: John Wiley & Sons Inc. 8
Stellmacher, H. B. (1998), An Easy Method for Developing Accurate Land Comparables Adjustments, The Appraisal Journal, July 2008, pp 316-319. Williams, T. P. (2004), Base Adjusting in the Sales Comparison Approach, The Appraisal Journal, Spring 2004, pp 155-162. Wincott, D. R. (2001), The Myth of Three Independent Approaches to Value, Real Estate Issues, Summer 2001, pp 16-21. Wincott, D. R. (2002), A Primer on Comparable Sale Confirmation, The Appraisal Journal, July 2002, pp 274-282. 9
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